Spec home developer picks up waterfront teardown in Miami Beach for $13M

Sunset Islands is one of the top Miami Beach neighborhoods buyers are eying

1727 West 24th Street, $13M, Miami
1727 West 24th Street (iStock)

Spec home developer Francisco Perez paid $13 million for a waterfront Sunset Islands teardown in Miami Beach, The Real Deal has learned.

Property records show Bivio Property Management sold the home built in 1940 at 1727 West 24th Street on Sunset Island III. Perez is the buyer, according to sources.

Perez recently sold the Venetian Islands house he built at 40 West Rivo Alto Drive for $23.5 million, or $4,530 per square foot, a per-foot record for single-family homes in Miami Beach.

The Sunset Islands home spans 3,969 square feet of interior space on a 0.4-acre property. It has six bedrooms, five bathrooms, a pool and dock, according to the property appraiser.

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Santiago Rodriguez of Douglas Elliman and Alan Cochron of Compass represented the seller in the off-market deal. Jon Mann and Danny Hertzberg, with The Jills Zeder Group at Coldwell Banker, represented Perez.

Buyers have been flocking to the Sunset Islands. Last month, Tampa Bay Rays co-owner Randy Frankel and his wife, Barbara, sold their two-story, 8,500-square-foot waterfront home on Sunset Island IV to Ares Management co-founder and CEO Michael Arougheti. The Frankels paid $14.4 million for the spec mansion in August 2020, which means they sold it for a 120 percent markup.

A non-waterfront home on Sunset Island II traded in April for $12.5 million, setting a record for dry sales in all of Miami Beach. The house at 2535 Shelter Avenue also sold for more than double its previous purchase price in 2020.

On Sunset Island I, Reed Smith attorney Constantine Karides recently paid $17.3 million for a waterfront home; and investor and Anatomy Fitness owner Chris Paciello flipped a waterfront teardown on the same island for a 50 percent gain in one month. He bought the property for $9.3 million and sold it to the next door neighbor for $14 million.

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